In 2024, the Federal Reserve lowered its target rate three times, causing deposit rates to decrease, including money market account rates. It is crucial to compare money market account rates to maximize your earnings.

The average national money market account rate is 0.64% according to the FDIC. However, some top accounts are offering rates of 4% APY or higher. To benefit from these high rates, consider opening a money market account soon as rates may not remain as high for long.

TotalBank currently offers the best money market account rate, with an APY of 4.47% for account holders who make a minimum opening deposit of $25,000.

The article provides a list of the top money market account rates available today and mentions some of the best savings and money market account rates from verified partners.

Earnings from a money market account depend on the APY, which considers the base interest rate and how frequently interest compounds. For instance, with an average interest rate of 0.64%, a $1,000 deposit with daily compounding would yield $6.42 in interest after one year. However, with a high-yield money market account at 4% APY, the balance would grow to $1,040.81, including $40.81 in interest over the same period.

The more you deposit in a money market account, the higher your potential earnings. For example, with a 4% APY account and a $10,000 deposit, your balance after a year would be $10,408.08, resulting in $408.08 in interest.